Royal Philips Fourth quarter and full year 2018 results...Operating across the health continuum. Key...
Transcript of Royal Philips Fourth quarter and full year 2018 results...Operating across the health continuum. Key...
Forward-looking statements and other important informationThis document and the related oral presentation, including responses to questions following the presentation, contain certain forward-looking statements with respect to the financial condition, results of operations and business of Philips and certain of the plans and objectives of Philips with respect to these items. Examples of forward-looking statements include statements made about our strategy, estimates of sales growth, future EBITA and future developments in our organic business. By their nature, these statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these statements.
These factors include but are not limited to: global economic and business conditions; developments within the euro zone; the successful implementation of Philips’ strategy and the ability to realize the benefits of this strategy; the ability to develop and market new products; changes in legislation; legal claims; changes in currency exchange rates and interest rates; future changes in tax rates and regulations, including tax reform in the US; pension costs and actuarial assumptions; changes in raw materials prices; changes in employee costs; the ability to identify and complete successful acquisitions, and to integrate those acquisitions into the business, including Spectranetics; the ability to successfully exit certain businesses or restructure the operations; the rate of technological changes; cyber-attacks, breaches of cybersecurity, political, economic and other developments in countries where Philips operates; industry consolidation and competition; and the state of international capital markets as they may affect the timing and nature of the disposal by Philips of its remaining interests in Signify. As a result, Philips’ actual future results may differ materially from the plans, goals and expectations set forth in such forward-looking statements. For a discussion of factors that could cause future results to differ from such forward-looking statements, see the Risk management chapter included in the Annual Report 2017.
Third-party market share dataStatements regarding market share, including those regarding Philips’ competitive position, contained in this document are based on outside sources such as specialized research institutes, industry and dealer panels in combination with management estimates. Where information is not yet available to Philips, those statements may also be based on estimates and projections prepared by outside sources or management. Rankings are based on sales unless otherwise stated.
Use of non-GAAP InformationIn presenting and discussing the Philips Group‘s financial position, operating results and cash flows, management uses certain non-IFRS financial measures. These non-IFRS financial measures should not be viewed in isolation as alternatives to the equivalent IFRS measures and should be used in conjunction with the most directly comparable IFRS measures. Non-IFRS financial measures do not have standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. A reconciliation of these non-IFRS measures to the most directly comparable IFRS measures is contained in this document. Further information on non-IFRSmeasures can be found in the Annual Report 2017. As the Philips Group is applying IFRS as its Generally Accepted Accounting Principles (GAAP) we have changed the term non-GAAP information into non-IFRS information.
Use of fair-value measurementsIn presenting the Philips Group financial position, fair values are used for the measurement of various items in accordance with the applicable accounting standards. These fair values are based on market prices, where available, and are obtained from sources that are deemed to be reliable. Readers are cautioned that these values are subject to changes over time and are only valid at the balance sheet date. When quoted prices or observable marketdata are not readily available, fair values are estimated using appropriate valuation models and unobservable inputs. Such fair value estimates require management to make significant assumptions with respect to future developments, which are inherently uncertain and may therefore deviate from actual developments. Critical assumptions used are disclosed in the Annual Report 2017 and Semi-Annual Report 2018. Independent valuations may have been obtained to support management’s determination of fair values.
All amounts are in millions of euros unless otherwise stated. Due to rounding, amounts may not add up precisely to totals provided. All reported data is unaudited. Financial reporting is in accordance with the accounting policies as stated in the Annual Report 2017 and Semi-Annual Report 2018, unless otherwise stated. The presentation of certain prior-year information has been reclassified to confirm to the current-year presentation.
Market Abuse RegulationThis presentation contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
Important information
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Content
1. Company overview and strategy
2. Financial outlook
3. Financial performance in the quarter
Appendix
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Company overviewEUR 18.1 billion sales and Adjusted EBITA of 13.1% 1
1 All figures are based on 2018 unless stated otherwise. Effective Q1 2019, Philips’ reporting structure will change as per announcement of January 10, 2019; 2 Growth geographies consist of all geographies excluding USA, Canada, Western Europe, Australia, New Zealand, South Korea, Japan and Israel
• EUR 1.8 billion for R&D, ~65,000 patents rights, ~39,000 trademarks
• More than 30% of sales from solutions
• ~77,000 employees in over 100 countries
• Philips retains a 16.5% stake in Signify, presented as a financial asset measured at market value
35%
22%
33%
10% North America
Western Europe
Growth Geographies
Other Mature Geographies
Sales2
Diagnosis & TreatmentEnabling efficient, first-time-right diagnosis and precision therapies through digital imaging and clinical informatics solutions
Connected Care & Health InformaticsEmpowering consumers and care professionals with predictive patient analytics and clinical informatics solutions
Personal HealthEnabling people to take care of their health by delivering connected products and services
40%
17%3%
40%Sales
Diagnosis & Treatment
Other
Personal Health
Connected Care & Health Informatics
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40%
17%
40%
3%
We have transformed into a focused global HealthTech leader
1 Personal Health in 2011 includes Sleep & Respiratory Care; 2 Effective Q1 2019, Philips’ reporting structure will change as per announcement of January 10, 2019
- Lifestyle Entertainment - Lighting (IPO) - TV - Lumileds/Automotive
2011 2012 2013 2014 2015 2016 2017 2018+ Volcano + SpectraneticsKey acquisitions
Key divestments
EUR 25 billion
2%
4.7%
Sales CSG Adj.EBITA
EUR 18 billion
5%
13.1%
Sales CSG Adj.EBITA
20111
Diagnosis & Treatment
Personal Health
Connected Care &Health Informatics
Lighting
Other
TV/LE
Other
20182
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Our strategy resonates with customers, addresses their needsUniquely positioned in the “last yard” to consumers and providers
fPreventionHealthy living Diagnosis Treatment Home care
Integrated modalities and clinical informatics to deliver
precision diagnosis
Connected products and services supporting the health
and well-being of people
Real-time guidance, smart devices for minimally invasive interventions
Connected products and services for chronic care
Connecting patients and healthcare providers for more effective, coordinated, personalized careManaging population health, leveraging real-time patient data and clinical analytics
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We operate in growing, evolving markets
Market evolution
Consumer centric
Increasing consumer engagement in their
own health
Consolidation
Increasing horizontal and vertical
consolidation
Post Acute Care
Shifting to lower-cost settings and the
home
Digital
Connectingconsumers, patients and care providers
Precision
Importance of AI, informatics and personalization
Growing population Aging population Rising burden of chronic diseases
Strong growth fundamentals
Increasing spend in developing markets
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Operating across the health continuumKey products and solutions
Ultrasound Ultrasound
Image-Guided Therapy Interventional X-ray, smart devices for diagnosis and therapy
Diagnostic Imaging CT, MR, digital X-ray, intelligent software applications
Health & Wellness Sonicare power toothbrushes, mother & child care
Sleep & Respiratory Care Respironics home ventilators, CPAP, respiratory masks
Personal Care Male grooming, skin care
Domestic Appliances Air purification, small kitchen appliances
7.2
FY 2018
7.2
FY 2018
CSG 7%
11.6%
3.1
FY 2018
11.1%
CSG 0%
Adj. EBITA marginSales (EUR B)
Personal Health
Diagnosis & Treatment
Connected Care & Health Informatics
Segments and businesses as per 20181
40%
17%
40%
1 Share of revenues, all figures based on the FY 2018. Effective Q1 2019, Philips’ reporting structure will change as per announcement of January 10, 2019.
16.8%
CSG 3%
Monitoring & Analytics Patient monitoring, eICU, continuous monitoring
Therapeutic Care Hospital ventilation, defibrillators
Healthcare Informatics Healthcare IT, clinical and imaging informatics
Population Health Management Home monitoring, tele-health, remote cardiac monitoring
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Male GroomingGlobal Leader
Oral HealthcareGlobal Leader
Sleep Care Global Leader
Respiratory Care Global Leader
Mother & Child CareGlobal Leader
High-end Radiology and Cardiology
Informatics#1 in North America
Personal Emergency Response
#1 in North America
Non-invasiveVentilation2
Global Leader
ICU Telemedicine#1 in North America
Patient Monitoring Global Leader
Image-Guided Therapy Devices
Global Leader
Image-Guided Therapy Systems
Global Leader
UltrasoundGlobal Leader
Over 60% of sales from leadership positions1
Diagnosis & Treatment
1 Leadership position refers to #1 or #2 position in Philips addressable market. Effective Q1 2019, Philips’ reporting structure will change as per announcement of January 10, 2019; 2 Based on non-invasive ventilators for the hospital setting.
Diagnostic Imaging Global Top 3
Personal HealthConnected Care & Health Informatics
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Revenue growth
Margin expansion
Increased cash generation
Customer satisfaction
Drivers for continued growth and improved profitability
Win with solutions along the health continuum
• Drive innovative, value-added integrated solutions
• Reinforce with M&A, organic investments and partnerships
• Improve customer experience, quality systems, operational excellence and productivity
• Continue to lead the digital transformation
Better serve customers and improve quality
Boost growth in core business
• Capture geographic growth opportunities
• Pivot to consultative customer partnerships and services business models
Value creation
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We bring together:
• A holistic view on the needs of consumers, patients and providers
• Deep consumers insights
• Leading clinical andoperational expertise
• Broad portfolio of technologies
Drive innovative, value-added integrated solutionsWe are uniquely positioned to deliver integrated solutions
Integrated solutions
Addressing Quadruple
Aim
Systems
Smart devices
Services
AI & software
Example solution areas:
• Precision diagnostics
• Minimally invasive therapies
• Sleep and respiratory care
• Connected care
Solutions deliver 31% of revenues1, growing double-digit
1 FY 201811
Pivot to consultative customer partnerships and services business models
Long-term strategic partnerships unlock value for our customers and us
Recent deals
Built on:
• Common goals
• Joint commitment
• Outcome-focused business models
• Continuous improvement
• Collaborative innovation
Leading to:
Deeper C-suite relationships
Delivering success to customers
Increasing share of wallet
Multi-year, recurring revenues
Excellent references
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Guardian connected
care solution
Health outcomes
reduction of Cardiopulmonary Arrests1
reduction in mortality of patients transferred to the ICU1
Staff satisfaction
reduction of severe Adverse Events1
improvement in notifications to trigger interventions1
Patient experience
Patients feel safer in general care unit2
Faster hospital discharge2
Cost of care
reduction in ICU admission rate1
can reduce length of stay2
35%
52%
86%
66%
24%
1Subbe et al. Effect of an automated notification system for deteriorating ward patients on clinical outcomes. Critical Care (2017) 21:52. Effect of an automated notification system for deteriorating ward patients on clinical outcomes. 2. Lilly CM, et al. Hospital Mortality, Length of Stay and Preventable Complications Among Critically Ill Patients Before and After Tele-ICU Reengineering of Critical Care Processes. JAMA. June 2011
Vital signs monitors
Wearables
Turnkey delivery
AI and data
mining
Guardian Early Warning connected care solution Addressing the Quadruple Aim
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2018
10% of D&T
12% of CC&HI
6% of PH
Innovation is core to our value creation
1 New product sales over three years based on FY 2018
60%R&D professionals in software and data science
Deep clinical partnershipsWith academic institutions and with key opinion leaders
New businessese.g. Digital Pathology, neurology, wearables, HealthSuite cloud applications
>50% New product sales1
>10%FY order intake growth
Expanding gross marginsWith higher-margin innovations
40-50 bps R&D productivity gain by 2020
Commitment to innovation Driving growth and margins
EUR 1.8 billion in R&D9.7% of sales
Research
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Our sustainability programs address pressing societal issuesFocus on United Nations Sustainable Development Goals, in particular #3, #12 and #131
Access to care
Circular economy
Climate change
3 billion lives improved per year by 20252, including 300 million in underserved healthcare communities
15% circular revenues, zero waste to landfill (2020)100% closed loops for all medical systems (2025)
Carbon-neutral in our operations, 100% renewable electricity (2020)
1 #3 “Ensure healthy lives and promote well-being for all at all ages”, #12 “Ensure sustainable consumption and production patterns”, #13 “Climate Action”; 2 Including Signify (Philips Lighting)
The Compact Committed to the WEF Compact for Responsive and Responsible Leadership
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An experienced Leadership Team
1 Excluding North America and Greater China
Innovation & StrategyJeroen Tas
HumanResourcesRonald de Jong
OperationsSophie Bechu
Legal Marnix van Ginneken
Global Markets1
Henk de JongCEOFrans van Houten
North AmericaVitor Rocha
CFOAbhijitBhattacharya
Greater ChinaAndy Ho
CEO / CFO Business Leaders Market Leaders Function Leaders
Diagnosis &TreatmentRobert Cascella
Bert van Meurs
Personal HealthRoy Jakobs
Connected Care Carla Kriwet
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Content
1. Company overview and strategy
2. Financial outlook
3. Financial performance in the quarter
Appendix
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Continued focus on value creation
2017-2020 targets
Revenue growthcomparable sales growth
4-6% annually
Cash generationFree Cash Flow in 2020
above EUR 1.5 billion
ROICOrganic ROIC in 2020
mid-to-high-teens
Margin expansionAdj. EBITA improvement
average annual 100 bps improvement
to ~15% in 2020
After 2020 we will drive further improvement
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Note: Margin refers to Adjusted EBITA margin by 2020
New reporting segment performance trajectory 2019-2020
Diagnosis & Treatment Personal HealthConnected Care
5-7% sales growth14-16% margin
4-6% sales growth16-18% margin
4-6% sales growth16-18% margin
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0.3
0.5
~8500.1
0.2
~300
0.1
0.3
~650
2017 2018 2019E 2020E
Manufacturing productivityOverhead cost reductionProcurement savings
Productivity program of > EUR 1.8 billion by 2020
1 Excluding the acquisitions post 2016
Manufacturing footprint
• Consolidating regional manufacturing footprint from 50 to ~30 production locations1; 13 locations completed by 2018
Overhead costs
• Significant increase in scope and traction in Global Business Services
• Marketing transformation to fund more advertising firepower
• IT landscape simplification on track
• R&D to deliver 40-50 bps productivity by 2020
Procurement
• Expanding proven DfX approach to the full value chain
• Tougher market conditions mainly from trade tariffs
Restructuring
• Due to additional productivity, restructuring charges expected to be 90-100 bps till 2020, thereafter ~40 bps
2017 – 2020 cumulated net productivity savings
> EUR 1.3 billion
> EUR 1.8 billion
++ +
EUR 0.5 billion
EUR 0.9 billion
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1.0%
1.6%
0.6% (1.1)%
(1.1)%
~100bps
Volume Gross margin Overhead reduction Price erosion Inflation Average annualimprovement
Indicative Adjusted EBITA margin step-up bridge 2019-2020
• Procurement• Manufacturing productivity• Mix improvement
2019-2020
• Geographic expansion• New product introduction• Operating leverage
• Standardization of back offices with Global Business Services
• IT landscape simplification
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Balanced capital allocation policy
Share buybackfor capital reduction purposes
Dividendaimed at dividend stability
M&Adisciplined but more
active approach
Reinvestin high-return growth
opportunities
Total shareholder return since 20161,2
1 As per January 25, 2019; 2 TSR peer index includes companies as described in the Philips Annual Report 2017
+50%
+31%
+5%
Royal Philips TSR peer group EURO STOXX 50
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0.700.75
0.800.85
2008 - 2010 2011 - 2013 2014 - 2017 2018
EUR per share
~0.5~1.0
~0.2
~2.4
~0.6
2011 - 2014 2015 2016 2017 2018
2.01.5
3.0
2011 - 2013 2013 - 2016 2017 - 2020
EUR billion
Balanced capital allocation policy
Organic Return on Invested Capital1
Share repurchase
Mergers & Acquisitions
Dividends
EUR billion
1 Organic ROIC excludes acquisitions over a five years period, pension settlements in Q4 2015 and significant one-time tax charges and benefits; ROIC % = LTM EBIAT/ average NOC over the last 5 quarters; 2 Elective dividend, proposal subject to approval in the General Shareholders Meeting on May 9, 2019; 3 Consisting of two programs: EUR 1.5 billion for the period 2017-2019 and EUR 1.5 billion for the period 2019-2020.
15.6%17.5% 17.3% 17.1%
2015 2016 2017 2018
WACC7.3%
2 3
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Content
1. Company overview and strategy
2. Financial outlook
3. Financial performance in the quarter
Appendix
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Q4 2018 performance highlights
• Comparable sales up 5% compared to Q4 2017
• Comparable order intake up 10% compared to Q4 2017
• Adj. EBITA margin of 17.4%, up 70 bps compared to Q4 2017
• Free cash inflow of EUR 1,019 million, compared to an inflow of EUR 948 million in Q4 2017
• Adjusted EPS of EUR 0.76 per share, compared to EUR 0.66 in Q4 2017
Sales EUR million
Comparable sales growth
Adj. EBITA margin vs. LY (bps) Adj. EBITDA
margin vs. LY (bps)
Diagnosis & Treatment 2,201 +5% 15.9% +100 18.3% +100
Connected Care & Health Informatics 936 0% 16.1% -430 19.6% -470
Personal Health 2,216 +3% 18.6% -30 21.6% -20
Other 233
Philips 5,586 +5% 17.4% +70 20.9% +70
EUR million Q4 2017 Q4 2018 FY 2018
Capital expenditures on property, plant and equipment 134 164 422
Capitalization of development costs 102 105 385
Depreciation 126 119 438
Amortization of acquired intangible assets 66 92 347
Amortization of software 13 19 64
Amortization of development costs 71 69 240
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Order intake and order book1
1 Includes equipment and software orders in Diagnosis & Treatment, Connected Care & Health Informatics and Innovation businesses adjusted for acquisitions and divestments, and currency
Comparable order intake growth Indexed order book development
30%
40%
30%
Q+1 Q+2 to 4 > 1 year
• Approximately 70% of the current order book results in sales within the next 12 months
• Quarter end order book is a leading indicator for ~30% of sales the following quarters
Typical profile of order book conversion to sales
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Q116 Q216 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 Q418
Total Philips North America
Western Europe Rest of the World
Total Philips Rolling LTM
90
95
100
105
110
115
Q116 Q216 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 Q418
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Driving ~100 basis points annual improvement up to 2020
1 Excluding restructuring costs, acquisition-related charges and other one-time charges and gains
Adjusted EBITA bridge for Q4 20181
as a % of salesEUR million 2017-2020
plan Q4 2018 2017-2018 actuals
Procurement 850 79 528
Other productivity (net)1 950 56 421
Total (net) 1,800 135 949
16.7%
1.7% 1.0% 0.2%
(1.0)% (0.8)% (0.4)%
17.4%
Adj. EBITAQ4 2017
Volume Gross margin Overheadreduction
Price erosion Inflation FX/other Adj. EBITAQ4 2018
Productivity initiatives contributing to the targets
Adjusted EBITA bridge for FY 20181
as a % of sales
12.1%
1.2%1.6% 0.4%
(1.0)%(1.0)% (0.2)%
13.1%
Adj. EBITAFY 2017
Volume Gross margin Overheadreduction
Price erosion Inflation FX/other Adj. EBITAFY 2018
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Adjusted EBITA1 margin developmentRolling last twelve months
1 Adjusted EBITA is EBITA excluding restructuring, acquisition-related charges and other items (details on slide 31) on the last twelve months basis; Personal Health Q2 and Q3 2018 numbers have been restated from previously published 17.0%
Diagnosis & Treatment Personal Health
16.7% 16.8% 16.9% 16.9%
16.8%
Q417 Q118 Q218 Q318 Q418
Connected Care & Health Informatics
10.4% 10.6% 11.1% 11.2%
11.6%
Q417 Q118 Q218 Q318 Q418
11.8% 12.4% 12.5% 12.1%
11.1%
Q417 Q118 Q218 Q318 Q418
Philips
12.1% 12.4% 12.7% 12.8%
13.1%
Q417 Q118 Q218 Q318 Q418
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Working capital and inventories
1 Working capital excluding segment Other; 2 Working capital as a % of LTM sales and Inventories as a % of LTM sales excluding acquisitions, divestments and discontinued operations
9.0% 9.3%
10.5%11.3%
10.4%
7%
11%
1,000
1,500
2,000
Q417 Q118 Q218 Q318 Q418
13.2%13.9%
15.2%16.0%
14.7%
10%
15%
1,500
2,000
2,500
3,000
Q417 Q118 Q218 Q318 Q418
as % of LTM sales2Working capital1, EUR million as % of LTM sales2Inventories, EUR million
2.7%
4.5%
6.3%8.1%
5.0%
0%
5%
0
200
400
600
Q417 Q118 Q218 Q318 Q418
14.4% 14.4% 14.7%14.1%
15.2%
9%
13%
17%
0
500
1,000
1,500
Q417 Q118 Q218 Q318 Q418
12.0%
9.2%
11.2%12.2%
12.0%
5%
9%
13%
0
200
400
600
Q417 Q118 Q218 Q318 Q418
Diagnosis & Treatment Personal HealthConnected Care & Health Informatics
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Restructuring, acquisition-related charges and other items
Due to rounding, amounts may not add up precisely to totals provided.1. Charges related to quality and regulatory actions. 2. EUR 59 million gain on the sale of real estate assets. 3. Relates to the separation of the Lighting business. 4. EUR 26 million of provisionsrelated to the CRT litigation in the US, EUR 7 million of charges related to the separation of the Lighting business and EUR 5 million of stranded costs related to the combined Lumileds andAutomotive businesses. 5. The amount includes the charges related to acquisition of Spectranetics. 6. Charges related to portfolio rationalization measures. 7.Mainly related to the consentdecree focused on the defibrillator manufacturing in the U.S. 8. Includes EUR 36 million release of provision related to the Masimo litigation. 9. Provision related to the anticipated conclusion ofthe European Commission investigation into online price setting. 10. Included a gain of EUR 43 million related to a divestment.
EUR million C Q1 17 Q2 17 Q3 17 Q4 17 2017 Co
Q1 18 Q2 18 Q3 18 Q4 18 2018Diagnosis & Treatment (11) (31) (85) (45) (173) (42) (23) (20) (56) (142)Restructuring & Acq.-related charges (11) (31) (63) (45) (151) (42) (23) (20) (56) (142)Other items - - (22) - (22) - - - - - Connected Care & Health Informatics (25) (37) (43) (17) (122) (23) (34) (21) (37) (115)Restructuring & Acq.-related charges (8) (25) (25) (33) (91) (6) (19) (8) (26) (59)Other items (17) (12) (18) 16 (31) (17) (15) (13) (11) (56)Personal Health (2) (1) - (8) (11) (3) (22) (13) (7) (44)Restructuring & Acq.-related charges (2) (1) - (8) (11) (3) (4) (13) (7) (26)Other items - - - - - - (18) - - (18)Other 45 (41) (39) (25) (60) (14) 28 (2) (11) 2 Restructuring & Acq.-related charges (3) (7) (32) (21) (64) (13) (6) (2) (10) (31)Other items 48 (34) (7) (4) 4 (1) 34 - (1) 33 Philips 6 (111) (167) (95) (366) (82) (52) (56) (111) (300)Restructuring costs (16) (48) (73) (75) (211) (41) (31) (22) (66) (159)Acquisition related charges (9) (17) (47) (32) (105) (23) (21) (22) (34) (99)Other items 31 (46) (47) 12 (50) (18) - (13) (11) (41)
1 1
3,4
1
5
6
3 3
7,8 7
32,3
7
10
9
7 7
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Philips' debt has a long maturity profile
Characteristics of long-term debt
• Total net debt position of EUR 3.1 billion
• Maturities up to 2042
• Average tenor of long-term debt is 10.0 years3
• No financial covenants
1Short-term debt includes local credit facilities that are being rolled forward on a continuous basis; 2 Debt includes forward transactions entered into as part of share repurchase programs for share cancellation and LTI purposes; 3 Based on long-term debt only (including short-term portion of long-term debt), excludes short-term debt and forward share repurchases for share cancellation and LTI purposes
Debt maturity profile as per December 2018EUR million Long-term debt
Short-term debt1
Unutilized standby & other committed facilities
Forward share repurchases for share cancellation and LTI purposes2
Long term debt reclassified as short term debt
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Funded status for post-employment defined-benefit plansIFRS basis
The funded status and balance sheet position improved in 2018, mainly driven by the US plan deficit funding in Q3 2018.
EUR million Funded status and balance sheet positionDecember 2017 December 2018
Pension plans (874) (747)Retiree medical plans (98) (87)Philips (972) (834)
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Calendar for the upcoming quarterFebruary 6 HSBC ESG Conference, Frankfurt
February 26 Annual Report 2018
March 5 Morgan Stanley MedTech Conference, London
March 6 Credit Suisse One on One Healthcare Conference, London
March 12 Barclays Global Healthcare Conference, Miami
March 25 Citi MedTech Day, Paris
April 29 First quarter results 2019
May 9 Annual General Meeting of Shareholders, Amsterdam
contact us Royal Philips, Investor Relations
phone +31 20 5977222
email [email protected]
website www.philips.com/a-w/about/investor.html
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